“”Indian tax authorities have no jurisdiction over Vodafone.” – Loses I.T. Case

Vodafone Romania

Vodafone has lost ~$2bn tax case, as Bombay HC has rejected it’s petition against the show-cause notice of the income tax (I-T) department seeking about $1.7 billion as capital gains tax (from Hutchison-Essar stake).

If Vodafone loses the case in the SC, it will have to shell out $1.7 billion as tax liability, a penalty of an equal amount and a tax on both sums at 18% per annum. The total outgo for Vodafone could exceed $4 billion.

This case will set the benchmark for cross-border deal and if Vodafone loses the court in SC, it might wrong send signals to the international business community.

Leave a Reply

Sign Up for Our Newsletters

Get notified of latest industry interviews and insights!

You May Also Like

Micromax Makes Its First International Investment In Cloud Startup MiMedia

The moves marks Micromax’s first international investment and is part of its plan to build a robust ecosystem of devices as well as services. Financial details of the deal have not been disclosed. MiMedia enables users to access their digital content, including photos, videos, music and other files from anywhere, acting as a value add for Micromax customers.
View Post